Parallels 5 problem

I have vers 5.0.9220. It was working fine for a while, and then all of a sudden It wont launch. I get the message: "Unable to connect Hard Disk 1. a file or device required fot the operation of hard disk 1 does not exist or is used by another process, or you have no permission to access it. " Then I hit OK, and get "There is no operating system installed in this virtual machine. Please insert an OS CD into the optical drive and restart."
I have a 2 drives in the MAC; one has the MAC OS and the other is BOOTCAMP, which has windows installed on it.